Just when I thought this administration couldn't get any worse.
https://mishtalk.com/economics/new-r...-mortgage-rate
https://i.imgur.com/XAzhQ6d.jpg
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Just when I thought this administration couldn't get any worse.
https://mishtalk.com/economics/new-r...-mortgage-rate
https://i.imgur.com/XAzhQ6d.jpg
I've been reading about this all day. It's absolutely ass backwards. Straight commie stuff.
Fortunately it?s pretty easy to crash your credit score to get a better rate.
I think this only applies to Fannie Mae and Freddie Mac loans.
Time for a new prez. Just trying to buy votes. Wasted my time at the VA yesterday trying to get pain relief.
Quote:
Originally Posted by def90
Time kill these 2 entities.
It’s not the Prez though..Quote:
Originally Posted by BushMasterBoy
I don't think it matters where the loan originates (there are a few unique exceptions like FHA, VA, USDA). LLPA has been around for many years, this is just jacking the rates higher to penalize those with good credit by subsidizing those with poor credit in a bigger way. Where it was formerly .25% (factored into your loan), it's now 1% if you have "good/better/best" credit.
https://themortgagereports.com/6866/...-mortgage-rate
Low score buyers still paying more in adjusted rate than higher score buyers
True. But those low scorers got a HUGE LLPA decrease. Highest LLPA was 3.75% for <639 and 5% down. It's now 1.75%.Quote:
Originally Posted by DFBrews
Also, The LLPA used to increase as your score went down but also as your down payment went down.
Now, people paying around 20% down pay the highest LLPA. As down payment decreases from there, LLPA starts decreasing as well. This new rule encourages low down payments.
So 740 score and 15-20%% down, the fee is 1% (used to be 0.25%)
But if you have a 740 score and pay less than 5% down, the fee is 0.5%.
This rule is JACKED.